Monday, April 30, 2018

Todd Lesher Joins Lexington Homes as Director of Sales



Todd Lesher

CHICAGO, IL — Chicago-based Lexington Homesan active homebuilder throughout Chicago and its surrounding suburbs, has announced that Todd Lesher has joined the firm as director of sales.

Lesher brings more than 18 years of experience in the homebuilding industry to his new role, where he oversees all sales managers and associates at Lexington’s six current town home and single-family home communities.

Most recently, Lesher was an associate sales manager for the Chicago division of Scottsdale, Ariz.-based Taylor Morrison Home Corp. 

In this role, his responsibilities included sales, hiring, mentoring the sales team, conducting training and leading weekly sales meetings.

Jeff Benach
Prior to that, he spent 14 years with Ryland Homes (now part of CalAtlantic Homes, a national homebuilder based in Arlington, Va.) as a sales representative, where he sold more than 500 single-family homes and townhomes in the Chicago area.

“Todd’s incredible track record of leading sales teams and his impressive sales volume stems from his great relationship-building skills and customer service expertise,” said Jeff Benach, principal of Lexington Homes.

“He is an exceptional mentor and coach to other sales professionals, and fully understands how new-home sales are made in the post-recession Chicago market. We’re thrilled that he’s joined our team and look forward to working with Todd as we continue to grow as a company and provide the most positive homebuying experience for all our customers.”
                                                                                                                              Over the course of his career, Lesher has earned several awards as a top new-home seller. He earned the prestigious “Certified Sales Coach” award in 2015 and 2016 while at Taylor Morrison, which is an award given to only one employee each year who is a top seller. Throughout his career, Lesher has sold more than 600 homes.

For more information, please contact:

Kathryn Kjarsgaard, kkjarsgaard@taylorjohnson.com, (312) 267-4514 
Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527


HFF announces $181.57M construction financing for development of Class A office tower in Chicago’s Fulton Market District



333 North Green Street Office Tower Planned
in Fulton Market District
of Chicago's Central Business District

Timothy Joyce

CHICAGO, IL– Holliday Fenoglio Fowler, L.P. (HFF) announces $181.57 million in construction financing for the development of 333 North Green Street, a to-be-built, 548,932-square-foot, Class A office tower in the Fulton Market District of Chicago’s central business district.

The HFF team worked on behalf of the developer, Sterling Bay and institutional investors advised by J.P. Morgan Asset Management, to secure the floating-rate construction loan through Wells Fargo. 

333 North Green Street will be a 19-story, Class A office tower with floor plates ranging from 13,634 square feet to 40,589 square feet, situated above 31,521 square feet of street level retail. 

Daniel A. Kaufman
Additionally, the best-in-class project will feature a 326-stall, four-floor parking garage on floors two through five of the property and market-leading amenities, including a 2,700-square-foot fitness center, 2,000-square-foot conference area and a 5,590-square-foot tenant lounge along with a private rooftop deck for tenant use. 

The LEED Silver certified building is 47.2 percent leased to GroupM and will serve as their North American headquarters as well as the regional headquarters for WPP, their parent company. 

 333 North Green Street is located in the Fulton Market District, which has become the city’s premier office submarket and a true live/work/play environment with numerous multifamily units and hotel keys under construction and access to many of Chicago’s popular and award-winning restaurants along Restaurant Row. 

Christopher Knight
 The property benefits from a Walk Score® of 97 and a Transit Score® of 89 being situated just five blocks from both the Morgan Street and Grand Avenue “L” stations and a short distance from Ogilvie Station that provides commuter rail access. 

HFF’s debt placement team included managing directors Timothy Joyce and Danny Kaufman and director Christopher Knight.
 
For more information, please contact:

KRISTEN MURPHY
HFF Director, Public Relations
(617) 848-1572



Saturday, April 28, 2018

HFF announces sale of the Quad in Cambridge, MA



Kerry Hawkins

BOSTON, MA –– Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of the Quad, a transitioning life science campus located in Cambridge, Massachusetts. Comprising four buildings (75 Moulton Street, 10 Wilson Avenue, 40 Smith Place and 75 Smith Place), the Quad totals 199,487 square feet of space set on roughly 8.6 acres.

Coleman Benedict
The HFF team arranged the sale of the property on behalf of The Davis Companies and procured the buyer, Invesco Real Estate, a global real estate investment manager on behalf of one of its institutional clients. The Davis Companies will continue to manage the asset and oversee its redevelopment.

Boston is one of the strongest life science clusters in the world and Cambridge represents its epicenter.  As market conditions in East Cambridge continue to be marked by soaring rents and low vacancy rates, new life sciences nodes have emerged – West Cambridge being a prime example.

Tenants and investors are seeking to recreate the same qualities that originally attracted them to Kendall Square with an urban, in-fill location and convenient pedestrian access to transit and amenities.

Christopher Phaneuf
The Quad is located just minutes from Alewife Station, the anchor of the MBTA’s Red Line, which connects the region’s most innovative minds in West Cambridge, Harvard Square, Kendall Square and Seaport. 

 The Quad’s West Cambridge neighborhood also presents a thriving live/work/play dynamic with a broad amenity base, including Whole Foods, Trader Joes, Starbucks and Chipotle and over 20 mid-upscale restaurants.

The HFF investment advisory team representing the seller included Coleman Benedict, Christopher Phaneuf, Ben Sayles and Kerry Hawkins

“The opportunity to invest in the Quad was a highly competitive bidding experience and is emblematic of a trend we are seeing in the market,” said Hawkins. “Right now, institutional investors recognize the importance of investing within this sector and are eager to direct capital into life science assets.”

Ben Sayles
The Davis Companies is an integrated real estate investment, development and management firm headquartered in Boston that has invested more than $4 billion in gross asset value through real estate equity, debt, and fixed-income securities.

 A combination of capital markets, development and management expertise allows The Davis Companies to nimbly tackle complex opportunities. 

Directly, and with its valued partners, The Davis Companies currently owns a real estate portfolio of approximately 12 million square feet of office, multifamily, retail, hospitality, light industrial, healthcare and bioscience properties across the Eastern United States.

For more information, please contact:

KRISTEN MURPHY

HFF Director, Public Relations
(617) 338-0990


Trion Properties Continues to Grow Portland Metro Portfolio; Acquires Three Multifamily Communities Totaling 174 Units for $24.2 Million


Maple Tree Apartments, Tigard, OR

BEAVERTON, OR and TIGARD, OR  Trion Properties, a private equity real estate firm that specializes in value-add multifamily investments in four niche markets along the west coast, has acquired three multifamily assets totaling 174 units in Portland, Oregon submarkets.

Mitch Paskover
The properties include a portfolio of two multifamily communities, Menlo Square Apartments and Center Square Apartments, totaling 103 units in Beaverton, Oregon, as well as Maple Tree Apartments, a 71-unit multifamily community in neighboring Tigard, Oregon.
The acquisition of these communities brings Trion’s holdings in the greater Portland area to nine properties totaling more than 530 units, as the firm continues to focus on the region due to its standout economic growth, according to Mitch Paskover, Managing Partner of Trion Properties.
“Demand is outpacing supply for multifamily throughout the Portland Metro area, due to strong economic drivers,” explains Paskover. “The cities of Beaverton and Tigard in particular continue to experience growth and increasing demand for multifamily, as more employers are relocating and expanding in the area.”


Tyler Johnson
The acquisitions include: 
Trion Properties Acquires Two Beaverton Communities with Value-Add Opportunities
Trion Properties has acquired a portfolio of two multifamily properties totaling 103 units, Center Square Apartments and Menlo Square Apartments, both located in the Portland submarket of Beaverton, Oregon.
“Continuing job growth and solid economic fundamentals are resulting in long-term growth potential for well-located multifamily investments in Beaverton,” says Paskover. 

Cody Hagerman
“Both properties are within three miles of the Nike World Headquarters, which is currently undergoing an expansion that is estimated to have a total project cost of approximately $1 billion, and is expected to be completed this year. In addition to their close proximity to Nike and other major employers in the city, these properties also offer residents convenient commutes to Downtown Portland to the East and Hillsboro to the West.”
Cody Hagerman and Tyler Johnson of HFO represented both the buyer and seller of both Menlo Square Apartments and Center Square Apartments in this portfolio transaction.
The property is located at 5930 SW Menlo Drive in Beaverton, Oregon and was constructed in 1977. It was acquired from a private seller for $5.7 million. Continental Partners arranged a $4.8 million fixed-rate loan to finance the acquisition.

For more information, please contact:

Lindsay Mackay / Elisabeth Manville
Brower Group
(949) 955-7940
lmackay@brower-group.com

M/I Homes Plans June Opening of Bay Meadow Farms – Gated Community Underway in Longwood, FL





LONGWOOD, FL --- M/I Homes will open Bay Meadow Farms in June. The new gated, single-family home community is now under development at Bay Meadow Rd. and Ronald Reagan Blvd. in Longwood.

David Byrnes, area president for M/I Homes, said Bay Meadow Farms is a family-oriented neighborhood of only 82 homesites with 40- and 50-foot frontages and depths of 120 feet.

One and two-story homes at Bay Meadow Farms with from three to five bedrooms will range from 1,850 square feet of living area to more than 4,000 square feet and all homes will be EnergyStar® certified.  Pricing will range from $300,000 to more than $450,000. 

 “We’re really excited about Bay Meadow Farms,” Byrnes said. “This community and our new home designs will fulfill a need in the Longwood area.” 

 For more information, please contact:

 Larry Vershel or Beth Payan, Larry Vershel Communications
407-644-4142  lvershelco@aol.com


NAI Realvest Closes Seven Industrial Leases in 60 Days at Sanford’s Monroe Commerce Center South


Michael Heidrich

SANFORD, FL and  ORLANDO, Fla. – NAI Realvest completed seven long-term leases within 60 days for 26,000 square feet of industrial space representing the landlord at Monroe CommerCenter South off I-4 at the corner of Church St. and Monroe in Sanford.  

Michael Heidrich, principal at NAI Realvest negotiated a new lease agreements with

Paradies Gifts, Inc. d/b/a Paradies & Company, a distributor of Disney licensed products who will be occupying 6,000 square feet at 727 Progress Way.  

Heidrich and Associate Patty Nolff completed new lease agreements with G&C Welding Specialists, LLC for 5,000 square feet at 4154 Incubator Ct., and with Jolito, Inc. of Tampa who will operate a mechanical contracting company in 1,250 square feet at 4157 Flex Court. 

Heidrich and Nolff negotiated a sublease for 3,750 square feet at 4168 Flex Court on behalf of Sublandlord HK Trading USA, Inc. and Subtenant William S. Dorsey, Jr. of Garden City, Ga. the principal of a tire company expanding into the Central Florida market. 

Patty Nolff

Lease renewals were also negotiated by NAI Realvest team with long-term tenants at Monroe CommerCenter including:  Velocity Window Tinting 2,000 square feet at 647 Progress Way; Jvmax, Inc., 6,000 square feet at 683 Progress Way and Hydro International Wastewater, 2,000 square feet at 711 Progress Way.  Vince Wolle of Results Real Estate Partners represented Jvmax.

For more information, contact

 Larry Vershel or Beth Payan, Larry Vershel Communications
407-644-4142  lvershelco@aol.com


Friday, April 27, 2018

HFF announces $38.5M sale of Ranch at Bear Creek in Lakewood, CO


Jordan Robbins
DENVER, CO  Holliday Fenoglio Fowler, L.P. (HFF) announces the $38.5 million sale of Ranch at Bear Creek, a 201-unit apartment community in Lakewood, Colorado.

The HFF team marketed the asset exclusively on behalf of the seller, Aukum Group, and procured the buyer, Castle Lanterra Properties.

Ranch at Bear Creek is located at 3324 South Field Street in the Bear Creek area of Lakewood, one of Denver’s most sought-after western suburbs.  The property features a unique blend of both standard flat-style units along with spacious two- and three-bedroom, two-story townhomes.  

Originally constructed in 1973, Ranch at Bear Creek has recently undergone significant capital improvements, including an updated pool area, new outdoor lounge with fire pit, newly built fitness center, full renovation of the existing clubhouse and upgrades to 63 percent of the residential units. 

Jeff Haag
In addition to community amenities, residents also have access to an abundance of recreational amenities in the surrounding area such as Bear Creek Trail, Bear Creek Lake Regional Park, Chatfield State Park and Red Rocks Park and Amphitheatre, as well as access to four top-rated golf courses within a two-mile radius.

The HFF investment advisory team representing the seller included managing director Jordan Robbins and directors Jeff Haag and Anna Stevens.

“Half of the Ranch at Bear Creek’s unit count consists of large townhome units, which distinguishes it from other communities in the area,” Robbins noted.  “This unique feature combined with very limited current and future apartment development in the submarket generated a great deal of interest from a large investor pool.”

Anna Stevens
Aukum Group (formerly Aukum Management) is a private real estate investment company focused on apartments in the western United States. The company partners exclusively with private accredited investors and select private equity funds.

Aukum has acquired approximately 4,850 apartment units since its founding in 2009, and is actively managing a portfolio of over 4,000 units valued at over $750 million.  Aukum is actively selling and acquiring new assets in select western markets.

For more information, please contact:

OLIVIA HENNESSEY
HFF Public Relations Specialist
(713) 852-3500


Tucker Development Announces Promotion and New Hire


Charles A. Jerkovich

CHICAGO, IL – Tucker Development  announced the promotion of Aaron M. Tucker to chief investment officer, from vice president and general counsel, and the hiring of Charles A. Jerkovich, who has been appointed vice president of asset management and acquisitions.

Tucker joined the firm in 2015 after previously practicing commercial real estate law with Kirkland & Ellis LLP, where he concentrated his efforts on development, financing and leasing matters.

Aaron M. Tucker




As chief investment officer, he will manage all investment and development activity for Tucker and its affiliates throughout the Midwest and East Coast, overseeing financial analysis, project design, construction management, leasing strategy and asset management.

Jerkovich joins Tucker from WHI Real Estate Partners LP, where as vice president he focused on asset management and acquisitions. In his new role, he will bring his asset management capabilities to the Tucker portfolio and assist with sourcing, evaluating, underwriting and executing new development and investment opportunities.

“The promotion of Aaron and addition of Charles come at a pivotal time for our company as we strategically grow our portfolio through the acquisition and development of projects in highly desirable, infill locations,” said Richard Tucker, CEO of Tucker Development.

Richard H. Tucker
 “I am proud of the team we have assembled as we continue to do what we’ve always done – invest in properties that, through thoughtful planning and collaboration, complement and enhance the neighborhoods in which we do business.”

Aaron Tucker received his Bachelor of Arts in international affairs, with a concentration on internal economics, from George Washington University and Juris Doctor from Chicago-Kent College of Law. Jerkovich holds a Bachelor of Business Administration in finance from the University of Iowa.

Founded in 1996, Tucker Development is a family-owned real estate firm specializing in the investment, development and management of retail and mixed-use properties throughout the Midwest and East Coast.  To date, Tucker has acquired and developed more than 5 million square feet of real estate valued in excess of $1 billion.

For more information, please contact:

Mimi Simon, msimon@taylorjohnson.com, (312) 267-451
Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528
  
www.tuckerdevelopment.com.

Thursday, April 26, 2018

New Jersey-based Wyndham Hotel Group opens new urban lifestyle hotel in state’s largest city


Kate Ashton

NEWARK, NJ – TRYP by Wyndham, Wyndham Hotel Group’s urban lifestyle brand,  opened its newest hotel in the heart of downtown Newark, N.J., a city with historic roots -- the third oldest in the United States – newly revitalized by recent business development and a vibrant art and cultural scene.

Celebrating the spirit of the urban traveler, TRYP by Wyndham hotels makes it possible for guests to uncover a destination’s individual culture. 


The 101-room TRYP by Wyndham Newark Downtown, developed by East Park Street Hospitality Urban Renewal, Inc., is perched along the Newark Bay, central to historic museums, transportation options, and the famous Branch Brook Park which blooms to life each spring with the largest collection of cherry blossom trees in the country.

“The city of Newark is in the midst of a spirited renewal with an influx of new business, a dynamic culinary scene and a clear passion for art and culture,” said Kate Ashton, senior vice president, TRYP by Wyndham. “It’s exactly the urban atmosphere where TRYP by Wyndham guests thrive: an up-and-coming destination uncovered by locals, with its own culture, history and unique vibe – making it the perfect next stop for the growing TRYP brand.”

TRYP by Wyndham Newark Downtown sits in the heart of the city’s bustling business district, minutes from New York City and Newark Liberty International Airport, one of the nation’s busiest airports flying 35 million travelers annually.
  For more information, please contact:

Gabriella Chiera
Wyndham Hotel Group
(973)753-6590

Gabriella.chiera@wyn.com